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Professional Indemnity – Who & Why..

If you are in the business of selling your knowledge or skills you may want to consider taking out Professional Indemnity Insurance.

This can protect your business against claims for loss or damage made by a client or a third party if you make a mistake or are found to have been negligent in some or all of the services that you provide.

Professional Indemnity Insurance also covers legal costs involved in defending a claim.

Many professionals  are required to have Professional Indemnity insurance cover to satisfy the requirement of their Professional Trade Body. This includes, Insurance Brokers, designers, architects, accountants and solicitors.

An important aspect to consider when purchasing Professional Indemnity Insurance is that the cover is usually on a claims made basis, meaning that the policy will only cover claims that are made when he policy is ‘live’.

Therefore if you plan to cancel your policy when you close your business or retire then you may need to arrange ‘Run off’ cover for a period of time afterwards.

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